Private Transactions

Definition:

Private individuals who wish to buy or sell vehicles privately.

Benefits:

Buying or selling a vehicle privately holds numerous benefits. For one, no dealer is involved, therefore you save on administration and dealer commission fees. If the car is older, you might have a better chance at getting the price you want for the vehicle. You also know who you are buying the vehicle from, so it is a more trusted purchase.

Documents required:

  • Seller must provide Iemas with a written quotation.
  • Seller must provide proof that the vehicle is paid in full or a settlement letter (if the vehicle is still under finance).
  • Seller must provide Iemas with a copy of his/her ID.
  • Seller must provide Iemas with a copy of the Natis document. The seller is responsible for obtaining the original Natis document from his/her financer.
  • Seller must provide Iemas with his/her banking details.

Special arrangements applicable:

  • The buyer and the seller must both have a banking account with one of the major banks.
  • The buyer and/or seller must, at their own expense, supply Iemas with all the documents Iemas may require.
  • Only original documents are acceptable as proof of payment and settlement. No declarations are acceptable.
  • Settlement letters from other financial institutions must contain full details and must be valid for at least 10 days and must be independently cross referred by Iemas with the applicable institution before the transaction is finalised.
  • Inspection – Each vehicle to be financed will first be inspected by an Iemas representative, using the standard Iemas inspection list. An AA technical inspection (or equivalent)report may be required by Iemas. The cost of the inspection will not be for Iemas’s account.

Payment:

Payment will only be made by cheque or EFT if the following conditions are met.

  • Original cancelled cheque or original letter from bank (If not received a cheque in the name of the seller will be issued).
  • Original signed delivery note duly completed by member and seller.
  • Original Natis with Iemas as title holder.
  • Iemas inspection report or other inspection / AA report.
  • Roadworthy certificate.
  • Iemas quotation form must be used.
  • Proof of settlement/proof of paid up.